All Forum Posts by: Jim Cummings

@Jennifer S. Welcome to the great State of TEXAS - your future (to be found) home of the Free - because of the Brave! The only requirement is to not bring MA politics along with you. 

Even with our High Property taxes you'll probably be money ahead selling your higher priced MA properties and reinvesting in Texas.

Let me know if I can answer any questions. 

@Benito Lara. As long as you are managing your own property you DO NOT need a real estate license. If you manage properties for someone else - you DO NEED a RE License in Texas. Other states may vary!

@Jona Santiago. If you know the SF for flooring, you can buy (I recommend) a product called Luxury Vinyl Plank (LVP). You can find it at Lumber Liquidators, Lowe's Home Depot, other flooring stores, etc. Cost will run from about $1.00 - $3.00 Per SF, dependent upon the thickness and style you choose. Anticipate paying around $2.50 - $4.00 per SF to have installed. You'll also need Quarter Round to complete the look. Best price I've found recently is at Lowe's in the bundle package.   

You can also price the siding at any of the big box stores. Measure one exterior wall and estimate other from there to get a ball park costs. If you plan to keep the buildings - suggest you use a Hardie-Plank siding. I had a SFR redone with Hardie-Plank last year and it costs about $18,500 for the job, to include some gutter work.

Negotiation: What do you think ARV is? Price you pay should be ARV Minus whatever part of repairs you are willing to absorb. Ideally your RE Agent can shed some light on this along with a sense of how motivated Seller is to Sell.

Reach out with any other specific questions you might have.  

@Tyler Barton. Sounds like all you need is a good reliable PM!

@Tyler Barton. Congratulations on your new promotion. 

Seems you feel very confident in the viability of the FTW market for next several years.  I would agree. 

QUESTIONS: 

1. Is your home in Ft Worth in sufficiently good condition that will require little or no maintenance in next few years? 

2. Do you have sufficient reserves to absorb an unexpected HVAC replacement or some other $10,000 Repair / Replacement. If so probably worth the gamble.  

@Joshua Carvalho. Thanks for the well thought post on a resurgent Waco.

@Hayden Helm. Sounds like a workable plan.

Find yourself a Lender you feel comfortable with and get yourself Pre-Approved for a Loan and GO for it!

@Devin Johnson. NO - FHA available to anyone. you could be buying your 43rd house and use an FHA loan as long as you didn't have more than 4 other FHA Loans outstanding (I may be wrong on the number of FHA loans you can at anyone time). Hopefully, a Lender will jump in with the correct number of FHA loans one person can have at anytime.

@Jaime Martinez Jr. Sounds like the Metro areas around DFW, Austin, San Antonio or Houston would be best landing spots. There are surrounding towns near each that would be more economical than living in the downtown urban areas.

Good luck and welcome to Texas Yall! 

@Devin Johnson. With using a VA Loan - you probably don't have a lot of your own money in the property. You may be able to rent out house # 1 and buy house number # 2 using an FHA loan, as you will not be able to use your VA again as long as it tied up with house # 1.